Hyundai E&C Becomes 1st Contractor to Win Gold Tower in Inaugural ‘Overseas Construction Tower’ Awards

President Lee Han-woo of Hyundai E&C receives the gold tower in the inaugural “Overseas Construction Tower Awards” from Acting President Han Duck-soo on the occasion of the 60th anniversary of overseas construction market entry. (Photo: Hyundai E&C)

Hyundai E&C became the first company to take home the gold tower in the newly inaugurated “Overseas Construction Tower Awards” on the occasion of the 60th anniversary of overseas construction market entry. Samsung E&C and 15 other contractors also made it on the list of the winners of the newly inaugurated Overseas Construction Tower Awards.

In 2024, Korean contractors made a feat of logging $1 trillion in winning orders in cumulative figures in 59 years since they entered overseas markets.

The overseas construction industry surpassed the $1 trillion won milestone following the semiconductor and automobile industries.

The Ministry of Land, Infrastructure and Transport (MOLIT) held a ceremony to celebrate the winning of $1 trillion won and the 60th anniversary of overseas construction market entry at the Construction Hall on April 29.

During the event, the presidential awards, the Overseas Construction Towers, medals of commemorating top 10 overseas construction projects and MOLIT minister’s prizes were presented to individuals and companies who have contributed to the development of the overseas construction industry and strengthening its global competitiveness.

The presidential award went to the International Contractors Association of Korea (ICAK), representing the overseas construction industry.

ICAK has provided support to the industry since its establishment in 1976 and cooperated with a combined 730 member companies.

The government inaugurated the Overseas Construction Tower Awards in the name of the President to commemorate efforts of companies which have contributed to expanding winning orders and raise their honor and sense of pride.

Overseas Construction Tower winners are divided into large-sized companies who have chalked up more than $10 billion in cumulative order amounts as well as middle market enterprises and SMEs which have achieved more than $1 billion.

Large-sized companies as well as middle market enterprises and SMEs are presented with gold, silver and bronze towers according to winning order amounts, respectively.

The gold tower in the large-sized company category of the inaugural Overseas Construction Tower Awards went to Hyundai E&C which posted $146.2 billion in cumulative winning order amounts since 1965 when the contractor entered the global overseas construction market.

The four silver tower winners are Samsung C&T, which logged $92.6 billion in cumulative winning order amounts, Samsung E&A, which posted $91.5 billion, and Daewoo E&C, which achieved $70.6 billion.

The silver tower winners in the large-sized company category are DL E&C, which posted $47.9 billion, Doosan Enerbility, which chalked up $47.7 billion, SK ecoplant, which chalked up $47.3 billion, HD Hyundai Heavy Industries, which logged $38.4 billion, Korea Electric Power Corp. which recorded $19.5 billion and Ssangyong E&C, which logged $13.7 billion.

The bronze tower winners in the middle market enterprises and SMEs category are LT Sambo, which earned $2.7 billion, Dongbu Corp. which posted $2.4 billion, Dohwa Engineering, which chalked up $1.9 billion, Dong-Ah Geological Engineering, which recorded $1.7 billion and Hanshin E&C, which registered $1.4 billion.

According to MOLIT, Korea has ranked 1st and second in construction account since 2012. Korea placed 1st in the portion of the construction account among top 20 current account powerhouses.

The government evaluates that the overseas construction industry greatly contributed to expanding Korea’s current account.

MOLIT Minister Park Sang-woo said, “Winning $1 trillion in orders is a monumental achievement of proving the global competitiveness of the Korean overseas construction industry, and the industry and the government will join forces to strengthen competitiveness in a variety of new growth areas, such smart city, urban development and railway so that Korean companies can keep on challenging to achieve $2 trillion.”